Fossil fuels still power the globe. They account for 87 per cent of Asia Pacific’s energy needs, 70 per cent of the EU’s, and 47 per cent of Switzerland’s. A much faster transition to renewable energy is needed if the world still wants to have a shot at not warming more than 1.5 degrees by 2050. This requires a fundamental shift in energy systems, away from fossil fuels. It needs governments, societies, and businesses to all be on board and commit to a greater ambition.
That awareness seems to have set in. There is a visible shift from ambition to action. But it all still falls far short from what is required: efforts need to be scaled up. As the world’s biggest growth region, what happens in Asia Pacific will determine whether the world succeeds in the energy transition and meet the Paris climate goals.
Asia’s success requires contributions from Europe as well. Governments will need to spend billions on building policies and regulations to reach net zero, so that multinational banks, (re)insurers and other companies can sustainably invest trillions in the global energy transition.
At the inaugural Asia Sustainability Dialogue, we’ll explore what the bottlenecks are to scale up the energy transition and what is needed to remove them.
How can countries attract money to pay for renewable energy projects? How can financial companies work with governments and institutions like the Asian Development Bank to fund a way out of fossil fuels? What does the energy transition mean for a local consumer? What are examples of successful projects and investments that can be copied?
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